The Rupee is the official currency of Pakistan. The currency is managed by the Bank of Pakistan, the main financial institution of the nation.
- The economy of Pakistan has endured decades of domestic political feuds, a fast-growing population, varying levels of overseas investment, and an expensive, ongoing border dispute with India.
- Significant macroeconomic amendments beginning in 2000, in particular privatizing the banking sector, have helped the economy.
- In 2005, the World Bank named Pakistan the top reformer in its area and among the top 20 reformers globally.
- The central financial institution is trying to tighten money policy while still encouraging growth.
- Recurring international worker remittances are helping to build foreign exchange reserves, however the country faces a growing current account deficit due to the high reliance on imports. The increasing trade deficit could draw down these reserves and slow GDP growth in the near future.
- The word Rupee is from the Sanskrit word rup or rupa, which means silver in most Indo-Aryan dialects.
- The Pakistani Rupee was put into circulation in 1947, after the nation became independent from British Rule.
- For some time after independence, Pakistan used Indian cash and banknotes with Pakistan stamped on them.
- The current cash and banknotes were issued beginning in 1948. (Seems to contradict the second bullet.)
- Similar to the Indian Rupee, the Pakistan Rupee was originally divided into sixteen annas, each composed of four pice or 12 pie.
- The Pakistan Rupee was decimalized on January 1, 1961 and partitioned into a hundred pice; the name was changed to pais later the same year.
Symbols and Names
- Symbols: Rs
- Nicknames: none
ISO 4217 Code
- Paisa = 1/100 of a Rupee
- Bills: 5, 10, 20, 50, 100, 500, 1,000, 5,000 rupees
- Coins: 1, 2, 5 rupees
Countries Using This Currency
Currencies Pegged To PKR :
PKR Is Pegged To: